Monday, December 22, 2014

Heavenly oil market

Statement (Saudi Press Agency) after Saudi Arabia weekly Cabinet meeting --

The minister [of Information] said that the cabinet discussed a number of topics on local affairs and reviewed what is going on in the petroleum and international market of incidental problems, reiterating that the economy and industry of the Kingdom are capable of bearing temporary fluctuations in oil income and considering them as normal, and it emphasizes that what it is doing will achieve the best results for the Kingdom, and it is continuing in its balanced policy in a strong and firmly manner relying on Allah Almighty and then the wise leadership, strong economy and strong global petroleum industry.

It's probably not a positive for oil prices that they were clear that Allah will be the prime determinant of policy.